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SMM Morning Review – 2011/9/2 Tin Market
Sep 2,2011 09:45CST
price review forecast
Source:SMM
SMM expects that spot tin prices will move in the RMB 195,000-197,000/mt range on Friday.

SHANGHAI, Sept. 2 (SMM) -- LME tin prices opened at USD 24,250/mt and closed at USD 24,125/mt overnight, down by USD 130/mt from a day earlier, with the highest price at USD 24,400/mt and the lowest price at USD 23,850/mt. Daily trading volumes were 248 lots, up by 82 lots. Positions were 18,868 lots, up 48 lots. LME tin inventories were 22,645 mt, up by 20 mt from a day earlier.

LME tin prices were on downward track during the Asian trading hours and early European trading hours, with prices hitting a low of USD 23,850/mt. Boosted by better-than-expected manufacturing data from the US during the late trading hours, LME tin prices pared to certain losses and closed at USD 24,125/mt, down by USD 130/mt from a day earlier. Thursday’s manufacturing data from Europe were lower than expected, but LME tin prices reacted insensitive towards the data. Based on current performance, LME tin prices found certain support at USD 24,000/mt. 

On Thursday, August’ PMI from Italy, France and Germany remained weak, while August’s ISM PMI from the US was far better than expectation, boosting the US equity market. The US dollar rallied, while the euro slipped, with mixed performance in the European equity market. Gold and crude oil largely closed flat, while LME base metal prices were largely dragged down by manufacturing data, with LME zinc and LME nickel tumbling by more than 2%. The US dollar continued to rebound, and market concern over base metal demand intensified following announcement of China’s reduced imports of copper, weighing on base metal prices. In addition, market sentiment was relatively cautious before release of August's non-farm payroll number from the US. 

Based on current performance, LME tin prices will continue to test sustainability at USD 24,000/mt, and are expected to struggle around USD 24,000/mt on Friday. In the Shanghai tin spot market, overnight’s LME tin price decline will restrict price rally in spot market to certain extent, and SMM expects that spot tin prices will move in the RMB 195,000-197,000/mt range on Friday.
 

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